Friday, February 27, 2009

The Keystone House and Other Faulty Theories

Yes, this is a real place.

There is one house for sale in America that, if sold today, would unleash a torrent of lending and capital, creating a cascade of sales and credit across the nation. It's the bum log in the logjam, it's the missing domino in the line, the proverbial monkey-wrench in the system, the lynchpin sale, the "Keystone" home. 

Call it what you will. It needs to be found, sold and gotten off the market. Fast. 

Nobody knows exactly where this enigmatic house is, probably in Indiana or Kansas or maybe in Arizona. But until someone buys it from its desperate owners, the real estate market will continue to deal the pain.

Ahh, the slow burn...

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